BETE vs. BWET

Last updated Jun 23, 2026

BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - BETE is a Cryptocurrency fund managed by ProShares, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Over the past year, BETE returned -33.79% vs 1640.62% for BWET. At a correlation of -0.01, they often move in opposite directions. BETE charges 0.95%/yr vs 3.50%/yr for BWET.

Performance

BETE vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and Breakwave Tanker Shipping ETF (BWET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETE achieves a -35.80% return, which is significantly lower than BWET's 1,030.31% return.

BETE

• 1D: 1.96%
• 1M: -15.61%
• YTD: -35.80%
• 6M: -36.16%
• 1Y: -33.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BWET

• 1D: 2.73%
• 1M: 25.30%
• YTD: 1,030.31%
• 6M: 892.97%
• 1Y: 1,640.62%
• 3Y*: 128.11%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BETE vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-35.80%	-8.17%	66.02%	36.61%
BWET Breakwave Tanker Shipping ETF	1,030.31%	96.22%	-39.21%	2.44%

Correlation

The correlation between BETE and BWET is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	-0.01

Return for Risk

BETE vs. BWET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BETE

BETE Risk / Return Rank: 4
BETE Sharpe Ratio Rank: 4
BETE Sortino Ratio Rank: 4
BETE Omega Ratio Rank: 4
BETE Calmar Ratio Rank: 4
BETE Martin Ratio Rank: 4

BWET

BWET Risk / Return Rank: 98
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 99
BWET Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BETE vs. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) and Breakwave Tanker Shipping ETF (BWET). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BETE	BWET	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	16.89	-17.50
Sortino ratio: Return per unit of downside risk	-0.65	6.36	-7.01
Omega ratio: Gain probability vs. loss probability	0.93	1.92	-0.99
Calmar ratio: Return relative to maximum drawdown	-0.55	54.19	-54.75
Martin ratio: Return relative to average drawdown	-0.95	142.88	-143.83

BETE vs. BWET - Sharpe Ratio Comparison

The current BETE Sharpe Ratio is -0.61, which is lower than the BWET Sharpe Ratio of 16.89. The chart below compares the historical Sharpe Ratios of BETE and BWET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BETE vs. BWET - Drawdown Comparison

The maximum BETE drawdown since its inception was -61.15%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for BETE and BWET.

Drawdown Indicators

	BETE	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-61.15%	-56.90%	-4.25%
Max Drawdown (1Y) Largest decline over 1 year	-61.15%	-30.64%	-30.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.81%	—
Current Drawdown Current decline from peak	-57.90%	0.00%	-57.90%
Average Drawdown Average peak-to-trough decline	-22.04%	-23.78%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.77%	11.60%	+24.17%

Volatility

BETE vs. BWET - Volatility Comparison

The current volatility for Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) is 15.67%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 25.51%. This indicates that BETE experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETE	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.67%	25.51%	-9.84%
Volatility (6M) Calculated over the trailing 6-month period	40.33%	88.96%	-48.63%
Volatility (1Y) Calculated over the trailing 1-year period	55.75%	98.53%	-42.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.57%	70.43%	-13.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.57%	70.43%	-13.86%

BETE vs. BWET - Expense Ratio Comparison

BETE has a 0.95% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

BETE vs. BWET - Dividend Comparison

BETE's dividend yield for the trailing twelve months is around 86.08%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	86.08%	68.22%	15.22%	0.78%
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETE and BWET in my portfolio?

BETE and BWET have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETE or BWET?

BWET has higher volatility (25.51%) compared to BETE (15.67%). In terms of maximum drawdown, BETE dropped -61.15% vs BWET's -56.90%.

Which ETF is better, BETE or BWET?

On 1-year performance, BWET leads with 1640.62% vs -33.79% for BETE. On fees, BETE is cheaper at 0.95% per year. On volatility, BETE has been the lower-risk option at 15.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETE or BWET?

Over the 1-year period, BWET has performed better with a 1640.62% return vs -33.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETE or BWET?

BETE is cheaper with a 0.95% expense ratio, compared with 3.50% for BWET.

Which ETF pays a higher dividend yield, BETE or BWET?

BETE has the higher dividend yield at 86.08%, compared with 0.00% for BWET.

What is the main difference between BETE and BWET?

BETE is categorized as Cryptocurrency, while BWET is Commodities. They also come from different issuers: ProShares and Amplify. Their fees differ too: 0.95% for BETE and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (16.89 vs -0.61), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.